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PUBLIC LAW 98-21—APR. 20, 1983 97 STAT. 77 and shall be deemed to be computed under paragraph (1) of this subsection for the purpose of appljdng other provisions of this title. "(ii) For purposes of clause (i), the percent specified in this clause is— "(I) 80.0 percent with respect to individuals who initially become eligible for old-age or disability insurance benefits in 1986; "(ID 70.0 percent with respect to individuals who so become eligible in 1987; "(III) 60.0 percent with respect to individuals who so become eligible in 1988; "(IV) 50.0 percent with respect to individuals who so become eligible in 1989; and "(V) 40.0 percent with respect to individuals who so become eligible in 1990 or thereafter. "(C)(i) Any periodic payment which otherwise meets the require- ments of subparagraph (A), but which is paid on other than a monthly basis, shall be allocated on a basis equivalent to a monthly payment (as determined by the Secretary), and such equivalent monthly payment shall constitute a monthly periodic pajnnent for purposes of this paragraph. "(ii) In the case of an individual who has elected to receive a periodic payment that has been reduced so as to provide a survivors benefit to any other individual, the payment shall be deemed to be increased (for purposes of any computation under this paragraph or subsection (d)(5)) by the amount of such reduction. "(iii) If an individual to whom subparagraph (A) applies is eligible for a periodic payment beginning with a month that is subsequent to the month in which he or she becomes eligible for old-age or disability insurance benefits, the amount of that payment (for pur- poses of subparagraph (B)) shall be deemed to be the amount to which he or she is, or is deemed to be, entitled (subject to clauses (i), (ii), and (iv) of this subparagraph) in such subsequent month. "(iv) For purposes of this paragraph, the term 'periodic payment' includes a payment payable in a lump sum if it is a commutation of, or a substitute for, periodic payments. "(D) This paragraph shall not apply in the case of an individual who has 30 years or more of coverage (as defined in paragraph (l)(C)(ii)). In the case of an individual who has more than 25 years of coverage but less than 30 years of coverage (as so defined), the percent specified in the applicable subdivision of subparagraph (B)(ii) shall (if such percent is smaller than the percent specified in whichever of the following clauses applies) be deemed to be— "(i) 80 percent, in the case of an individual who has 29 of such years of coverage; "(ii) 70 percent, in the case of an individual who has 28 of such years; "(iii) 60 percent, in the case of an individual who has 27 of such years; and "(iv) 50 percent, in the case of an individual who has 26 of such years. "(E) This paragraph shall not apply in the case of an individual Limitations. who on January 1,1984— "(i) is an employee performing service to which social security coverage is extended on that date solely by reason of the amendments made by section 101 of the Social Security Amend- ments of 1983; or Ante, p. 67. "Periodic payment."